In a significant move for Nigeria's small business sector, key industry players gathered in Lagos this week to champion affordable financing options that would accelerate a switch from expensive diesel generators to reliable solar power. The energy sensitisation forum, held in Ikeja, highlighted a growing consensus that renewable energy is no longer a luxury but a necessity for survival and growth.
Rising Costs Force Energy Rethink
The forum, convened by StarTimes Smart Solar in partnership with the Manufacturers Power Development Company Limited (MPDCL) and Sterling Bank's Imperium project, brought to light the severe impact of unreliable electricity on small and medium-sized enterprises (SMEs). Ibrahim Usman, Chairman of the MPDCL Board, set the tone by revealing a critical challenge: poor energy efficiency continues to cripple small manufacturers.
He emphasized that power often constitutes nearly half of their production expenses, a burden that makes Nigerian goods less competitive. The solution, he argued, lies in wider adoption of solar solutions, which promise lower and more predictable operational costs.
Collaborative Solutions for a Sustainable Future
Eric Xiao, Vice President of StarTimes Nigeria, explained that his company's expansion into renewable energy was a direct response to market demand for stable alternatives. He disclosed that StarTimes Smart Solar has already completed two mini-grid installations in northern Nigeria and is actively managing the development of more than twenty additional sites across the country.
"Our goal is to make clean energy affordable and dependable for every Nigerian business," Xiao stated, highlighting the collaboration with Sterling Bank as a key strategy to remove financial hurdles for small firms.
On the financing front, Kelly Aigbedion, Sterling Bank's Head of Renewable Energy Business Development, detailed the groundbreaking Imperium model. This initiative allows SMEs to acquire solar systems without requiring collateral. Applicants only need to provide basic registration and account documentation, with interest rates tailored between 15 and 30 per cent based on the project's scale. In a powerful demonstration of commitment, Aigbedion added that Sterling Bank's Lagos headquarters now runs on solar energy for up to 90 per cent of its operations.
Industry Backing and Overwhelming Response
The initiative received strong endorsement from the Manufacturers Association of Nigeria (MAN). Its Acting Managing Director, Oweh Mba-Sam, praised the effort as a practical response to erratic power supply. He pledged the association's support for credible partnerships to ensure transparency and deliver a meaningful, long-term impact for its members.
The event also featured technical insights from Rotimi Olorunfemi, StarTimes' Assistant Director for Commercial and Industrial Projects, who reinforced that energy costs make up roughly 40 per cent of overheads for small manufacturers. Companies like Dyness and Solis showcased storage and inverter technologies suited to the Nigerian market, while entrepreneurs engaged in vital discussions on system maintenance and financing.
The response from the business community was immediate and positive. More than sixty attendees expressed firm interest in enrolling in the financing scheme, signaling a robust and growing demand for cleaner, more predictable power sources. This collaboration was noted by analysts at the forum as being in perfect alignment with Nigeria's long-term energy transition goals, echoing Vice President Kashim Shettima's projection that clean-energy investment could generate up to $410 billion in economic value by 2060.
The sentiment on the ground was captured by a business owner from Alaba Market, who shared, "This is the first time we're seeing a solar solution that feels truly accessible. If it works as promised, it could change how we do business entirely."
